1.

Amit sold goods worth Rs. 10,000 to Babli on 1st January, 2016 and immediately drew a bill on Babli for three month for the same amount. Babli accepted the bill and returned it to Amit. On 4th March,2016, Babli retired her acceptance under rebate of 6% per annum. Pass the necessary journal entries in the books of Amit and Babli.

Answer»

Amit sold goods worth Rs. 10,000 to Babli on 1st January, 2016 and immediately drew a bill on Babli for three month for the same amount. Babli accepted the bill and returned it to Amit. On 4th March,2016, Babli retired her acceptance under rebate of 6% per annum.
Pass the necessary journal entries in the books of Amit and Babli.



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